Cineplex Odeon to Sell Some Theaters: The...

Cineplex Odeon to Sell Some Theaters: The Toronto-based movie theater chain has agreed to sell 38 theaters with 150 screens in Utah, Idaho, Minnesota, Oregon and Washington (excluding the Seattle/Tacoma/Bellevue area) to Plitt Amusement Co. of Los Angeles for $31.7 million. The transaction, subject to U.S. regulatory approval, is expected to close about July 31. Cineplex Odeon said the move is part of its effort to focus on its primary exhibition markets and reduce long-term debt. After the transaction, Cineplex Odeon will own 1,550 screens in 390 locations in the United States and Canada. Separately, Alan Karp was named chief executive of Cineplex.